Bitcoin's making headlines: What this means for criminals and how to stay vigilant

Today, Bitcoin has reached a price of USD 57,000, and while this may be exciting news for investors, it could also have serious implications for the world of cybercrime.

As the value of Bitcoin rises, criminals are likely to step up their efforts to defraud unsuspecting victims – we saw it in 2020 and it’s a trend that’s continued ever since. It's crucial, now more than ever, to remain vigilant and take precautions to protect yourself against fraud.

The rise of Bitcoin and the potential for fraud

The immediate soar in the price of Bitcoin has hit the headlines today and so it’s likely even those without a strong understanding of investing or cryptocurrency knowledge will be paying attention.

Unfortunately, this increased interest also attracts the attention of criminals who see an opportunity to exploit unsuspecting individuals.

Fraudulent activities such as phishing scams, fake investment opportunities, Pig Butchering and Ponzi schemes are likely to become more prevalent as people seek to capitalise on the price surge.

Staying safe in the age of Bitcoin

To avoid falling victim to fraud, it's essential to exercise caution when dealing with Bitcoin or any other cryptocurrency. Here are some steps you can take to protect yourself:

Be wary of unsolicited investment opportunities

If someone contacts you out of the blue with an offer that seems too good to be true, it probably is. Be sceptical of promises of guaranteed returns or low-risk investments.

Research before investing

Before you invest in any cryptocurrency or related project, do your due diligence. Check the legitimacy of the company, read reviews, and make sure you understand the risks involved.

Secure your wallet

Store your Bitcoin in a secure wallet, and never share your private keys with anyone. Use multi-factor authentication (MFA) to add an extra layer of security.

Be cautious of phishing scams

Phishing scams are designed to trick you into revealing sensitive information, such as your login credentials or private keys. Be wary of emails or messages that ask for this information or contain suspicious links.

Keep your software up to date

Ensure that your computer and mobile devices are updated with the latest security patches and antivirus software.

Report suspicious activity

If you suspect that you've been targeted by fraudsters or have fallen victim to a scam, report it to the appropriate authorities immediately.

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As Bitcoin's value continues to rise, so too does the potential for fraud. By staying informed and taking the necessary precautions, you can protect yourself from falling victim to criminals looking to capitalise on the cryptocurrency boom. Always exercise caution and make security a priority when dealing with Bitcoin or any other cryptocurrency.

Learn about crypto-related crime patterns and trends, the various crime types criminals are using, and the ways in which stolen cryptocurrency can be recovered - in our report: Responding to the Crypto Fraud Epidemic.